I hope the good people that frequent this board can clear up an issue for me?

My wife holds a mutual fund in her 401 K. Upon reading her quarterly statement under the heading "Ending Units/ Share" she held 1,513.055. A nebulas number at best. Are these held as shares or units? And what is the difference between the two?

Her ending balance for the name fund was $28,639.02, so I divided the balance by 1,513.05 and came up with $18.93. But I went to Morningstar looked up the fund's NAV which was $37.28 for a balance of $56,404.69. This is roughly half of $28,639.02. Question why the big difference?

Sorry for so many questions. I did call the company that manages her 401 K but did not get a satisfactory answer.

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